米奥会展（300795）：公司信息更新报告：销售符合预期，关注地缘政治和外贸环境变化新机遇

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's sales performance met expectations, with a focus on new opportunities arising from geopolitical and foreign trade environment changes [4] - The company experienced a decline in revenue and net profit in 2024 due to the rescheduling of exhibitions, but there is a positive trend in booth sales [4][6] - The company is expected to benefit from strategic transformations and cost control measures, enhancing profitability in the coming years [5][6] Financial Performance Summary - In 2024, the company reported revenue of 751 million yuan, a year-over-year decrease of 10.1%, and a net profit of 155 million yuan, down 17.6% [4][7] - The company anticipates a recovery in revenue, projecting 947 million yuan in 2025, representing a year-over-year increase of 26.1% [7] - The gross margin for 2024 was 50.8%, with a net margin of 20.7%, showing slight improvements in profitability metrics [5][10] Business Segment Performance - Revenue from self-organized exhibitions, agency exhibitions, and digital exhibitions in 2024 was 680 million yuan, 60 million yuan, and 16 million yuan respectively, with year-over-year changes of -12.6%, +50.9%, and -25.4% [5] - The gross margins for these segments were 51.98%, 38.2%, and 48.6% respectively, indicating a mixed performance across different business lines [5] Future Outlook - The company plans to host 17 exhibitions in 11 countries in 2025, including new events in India and Saudi Arabia, although the feasibility of the Indian exhibitions remains uncertain [6] - The introduction of AI-driven exhibition products is expected to enhance participation effectiveness and boost revenue [6] - Profitability is projected to improve further due to scale effects, increased venue utilization, and refined operations [6]